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Suggested Citation:"GLOSSARY." National Academies of Sciences, Engineering, and Medicine. 2016. Life-Cycle Cost Analysis for Management of Highway Assets. Washington, DC: The National Academies Press. doi: 10.17226/23515.
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26 GLOSSARY Analysis period: LCCA uses a common period of time to assess cost differences between design alternatives so that the results can be accurately compared. Ancillary assets: Assets that are considered to be of second- ary importance. For example, traffic signs and guardrails. Asset-level LCCA: Analysis of individual transportation investments. For example, individual bridges, individual culverts, and 1/10th mi pavement sections as defined by the state transportation agency. Current safety performance: Typical safety performance measures related to the number and rate of fatalities and/ or crashes and incidents, emergency response times, pub- lic perceptions of safety, and so on, for the relevant trans- portation modes. Deterioration curves/models: Models that describe perfor- mance and condition over the service life of an asset. Discount rate: The investor’s minimum acceptable rate of return. Initial construction costs (capital costs): The initial expendi- tures made by an agency to construct a project. These initial costs vary across all design alternatives under consideration. Inspection/support costs: Ongoing costs associated with acquiring data on the condition of assets through field inspection. Maintenance costs: Ongoing costs that are required to keep the transportation facility functioning at its expected level of service throughout its lifetime. Adequate mainte- nance is necessary to prolong the service life of an asset and meet performance requirements set forth by state highway agencies. Network/program-level: A holistic view of the statewide asset class that addresses current conditions, perfor- mance goals, condition prediction, and available treat- ments within a defined budget. Examples of program-level asset classes include pavements and bridges. Operational costs: Ongoing costs associated with the administration of assets on a daily basis. Preservation costs: The cost of activities performed to pre- vent any deficiencies before they begin to surface. Preser- vation activities delay the onset of deterioration and have been reported to increase asset service life, whereas maintenance and rehabilitation activities are typically performed in response to a deficiency. Project-level: A proposed investment with logical begin- ning and end termini, often related to milepost or inter- section that consists of multiple assets. Rehabilitation costs: These costs address maintenance needs that are more extensive than routine maintenance activities. For example, rehabilitation activities for pave- ments are described as projects that restore the structural capacity of a pavement by eliminating age-related or environmental deficiencies. Rehabilitation activities are also defined as strengthening the existing pavement to support existing or future traffic loads. Remaining service life value: When the service life of a design alternative under consideration extends beyond the period of analysis, the extended life is referred to as the remaining service life value. This value includes costs used for rehabilitation. Salvage value: At the end of a project’s service life, after it has been determined it is no longer cost-effective to extend the life or improve the performance, the raw mate- rials may be recycled to net a monetary gain or produce a beneficial value to a state DOT, which is referred to as the salvage value. User costs: Costs incurred by highway users over the asset service life. While performing maintenance, rehabilita- tion, and preservation activities, a lane closure is often required for safety, which affects user costs. Costs include delay, vehicle operation, and costs associated with vehi- cle crashes.

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Life-Cycle Cost Analysis for Management of Highway Assets Get This Book
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TRB's National Cooperative Highway Research Program (NCHRP) Synthesis 494: Life-Cycle Cost Analysis for Management of Highway Assets documents the state of the practice of life-cycle cost analysis (LCCA) and risk-based analysis into state highway agencies' asset management plans for pavements and bridges on the National Highway System. The objective of this project was to develop an inventory of quantitative asset-level, project-level, or corridor-level processes and models for predicting life-cycle costs associated with the preservation and replacement of highway assets. The report includes a literature review, a survey of highway agencies, and case studies that document specific highway agency experiences with LCCA.

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